32.The following data were related to ABC Corp. COST RETAIL Inventory, beg 5,000 6,000 Purchases 69,000 90,000 Freight 6,000 Purchase returns 4,000 4,800 Net mark-up 8,000 Sales 100,000 Sales returns 12,000 How much is the cost ratio under the FIFO method? (Round in 5 decimal places) 75.23% 76.10% 76.18% 77.85%

32.The following data were related to ABC Corp. COST RETAIL Inventory, beg 5,000 6,000 Purchases 69,000 90,000 Freight 6,000 Purchase returns 4,000 4,800 Net mark-up 8,000 Sales 100,000 Sales returns 12,000 How much is the cost ratio under the FIFO method? (Round in 5 decimal places) 75.23% 76.10% 76.18% 77.85%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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